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Midlands Design Ltd. Of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of 400,000 on sales of 2,000,000. The company s average operating assets for the year were 2,200,000 and its minimum required rate of return was 16%. (The currency in the United Kingdom is the pound, denoted by )
Compute the company s residual income for the year.
2.”Pension Plans” Please respond to the following( Two paragraphs only)
• Imagine you are an accounting manager and are in the process of implementing a pension plan for your organization. Prepare a brief report to management on the various types of pension plans. In your report, compare and contrast a contributory pension plan and a noncontributory pension plan, and discuss the theoretical justification for the accrual recognition of pension cost. Include recommendation to management on which type of pension plan would be most beneficial to the company.
• Discuss the type of information that must be included in notes to financial statements, and explain why the information is relevant to financial statement users. Imagine you are an employee of a company and want to know if the pension plan will provide you with the necessary benefits upon retirement. Determine the type of information you would look for in the notes on the pension funds, and ascertain the way in which the information will provide assurance that the company will properly fund your pension.
3.The following facts apply to the pension plan of Boudreau Inc. for the year 2014. Plan assets, January 1, 2014 $490,000 Projected benefit obligation, January 1, 2014 $490,000 Settlement rate 8 % Service cost $40,000 Contributions (funding) $25,000 Actual and expected return on plan assets $49,700 Benefits paid to retirees $33,400 Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts. Question 3 Gingrich Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2014 $2,400,000 Fair value of pension plan assets, December 31, 2014 $2,725,000 Contributions to the plan in 2014 $280,000 Benefits paid retirees in 2014 $350,000 From the data above, compute the actual return on the plan assets for 2014 question 4 Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Question 5 The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2014 $300,000 2015 $480,000 2016 $(210,000) 2017 $(290,000) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected Benefit Plan Assets Obligation (market-related asset value) 2014 $4,000,000 $2,400,000 2015 $4,520,000 $2,200,000 2016 $5,000,000 $2,600,000 2017 $4,240,000 $3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2014. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2014, 2015, 2016, and 2017. Apply the “corridor” approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.)
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4.Why aren’t common costs allocated to segments under the contribution approach?
5.What is the danger in allocating common fixed costs among product lines or other segments of an organization?
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